Known as vulture funds, the group wanted to replace the firm with KPMG. Alan Bloom, E&Y’s head of corporate restructuring, told Accountancy Age: ‘The application to have the liquidators removed was refused.’
As predicted by Accountancy Age the High Court win for E&Y now opens the channels for a settlement with the defendants Coopers & Lybrand, now part of PricewaterhouseCoopers and Deloitte & Touche. Both firms acted separately as auditors of the bank in the early 1990s.
Both Coopers and E&Y sought an adjournment last Friday indicating their interest in settling out of court to avoid bad publicity and a lengthy trial. E&Y is suing Coopers’ UK and Singapore branches and Deloittes for #1bn for negligence over the losses of rogue trader Nick Leeson.
More on this story at www.accountancyage.com/Practice/1122126.
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